Multiply the annual rate due to you by the lifetime allowance on 5 April 2016.capped drawdown fund converted to flexi-access drawdown between 5 April 2015 and 6 April 2016 - use the maximum annual amount of capped drawdown pension that you could have got in the year of the conversion had that conversion not happened.flexi-access drawdown (previously flexible drawdown) - use the maximum amount of capped drawdown pension you would have got for the year the flexible drawdown declaration was accepted by the scheme administrator had that declaration not been made.

capped drawdown - use the maximum amount of capped drawdown pension you could take for the year.The annual rate is different depending on the type of drawdown pension at 5 April 2016: Divide it by the lifetime allowance at the date of the BCE.įor individual protection 2016 you should multiply 80% of the annual rate due to you by 25.Multiply this by the lifetime allowance at 5 April 2016.Multiply the annual rate due to you at the date of your first BCE by 25.If you have not had any BCEs since 6 April 2006, multiply the annual rate due to you at 5 April 2016 by 25. This means the standard lifetime allowance can range from more than £1 million but no more than £1.25 million This means the standard lifetime allowance can range from more than £1.25 million but no more than £1.5 millionįixes the standard lifetime allowance at £1.25 millionįor members with pension savings valued over £1 million on 5 April 2016 - fixes the standard lifetime allowance at a relevant amount (the value of the member’s pension savings on 5 April 2016) capped at £1.25 million Where a BCE has occurred, you’ll need to know the lifetime allowance for:įixes the standard lifetime allowance at £1.8 millionįixes the standard lifetime allowance at £1.5 millionįor members with pension savings valued over £1.25 million on 5 April 2014 - fixes the standard lifetime allowance at a relevant amount (the value of the member’s pension savings on 5 April 2014) capped at £1.5 million If you had more than one pension in payment on 5 April 2006, you should include the total of the values of each pension. This is known as amount A, and is the annual rate at 5 April 2016. Income taken from pensions before 6 April 2006 To do this you may need to work out if you’ve taken any money from the pension scheme - known as a benefits crystallisation event ( BCE). If your pension scheme administrator cannot provide this information you’ll need to work it out. money (which gained UK tax relief) you put into an overseas pension between 6 April 2006 and 5 April 2016.value of pensions you have not taken yet.lifetime allowance you used between 6 April 2006 and 5 April 2016.income you’ve taken from pensions before 6 April 2006.To apply for individual protection from the 2016 reduction in lifetime allowance you need to tell HMRC the:

Standard life drawdown calculator